HOW TO SAVE CAPITAL GAIN ON SALE OF PROPERTY

This query is : Resolved

Sachin Kumar (Querist)
Follow

05 May 2023 We are family of 3 brothers and mother.
My father (expired in February 2017) purchased one flat in June 2016 and after death of father , 3 brothers gifted their portion to mother via gift deed and flat got transferred in my mothers name.

My mother , 58 yrs , has sold a society flat in December 2022 for 35 lacs. Purchase Price was 20 lacs , stamp duty 1.4 Lacs , registration fees 10K. Long term capital gain is coming as Rs. 804356 (35 lacs - 21.50 lacs/264*331).

- the calculation of capital gain is correct ?

- we want to save capital gain tax , basic exemption limit for FY 2022-23 is Rs. 2.5 Lakh , balance Rs 554356 (804356 - 250000) if we invest in capital gain bond , the we will be able to save capital gain tax of 20% ?

- does capital gain is applicable in this case as flat got transferred in my mother name from father ?